Desperate buyers camp overnight to purchase $42 million of property

AROUND $42m worth of property sold in one day at The Gables Estate at Box Hill with determined buyers camping out overnight to secure land.

The sale was only open to those who had pre-registered to purchase within the master planned community, located in Sydney’s booming northwest.

Selling agent Jason Keen from Ray White Box Hill said the response was so great they had to allow vehicles into a public car park on the site on Friday night, following complaints from residents living nearby on Old Pitt Town Rd.

Buyers camped overnight to purchase land at The Gables Box Hill with this lucky buyer securing first dibs.

“By the morning there were 17 cars with buyers who had slept out there overnight,’’ he said.

“The important thing to note is that buyers had to already be on the data base to be notified — there was no pre-marketing.’’

In total, 92 blocks were released with 68 selling on the day, mostly to upgraders. Investors and buyers came from three main regions: Kellyville Ridge/The Ponds, Pitt Town and the Parramatta area.

Artist’s impression of The Gables.

While 92 priority numbers were issued, not all blocks sold with some buyers missing out on their desired allotment. The remainder will be available to the public from next weekend.

Developers Celestino have previously used a number of tactics to avoid buyers camping out, including releasing secret locations where priority numbers would be issued.

Parking spots in the carpark within The Gables are numbered and buyers are seen in order of their arrival.

Mr Keen said he was “pleasantly surprised” by the response to the release, which also included the sale of ”Australian dream” sized blocks from 700sqm to 1071sqm.

Around 4,400 dwellings — including high density living — have been planned for The Gables and it will eventually be home to around 13,000 people.

Already more than 560 land lots have sold since the estate was launched onto the market in August 2015.

Castle Hill state Liberal MP Ray Williams, Celestino CEO John Vassallo and then Hills mayor Michelle Byrne when work officially began on the $4 billion masterplanned The Gables project at Box Hill on May 2, 2016. Picture: Phil Rogers

Prices have also increased with 450sqm blocks now selling for $590,000 — these were originally sold for $540,000.

Acreage blocks within The Gables — around 2,000sqm — were released just before Christmas.

These fetched between $1.23m and $1.6m with just two properties remaining on the market.

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